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Fha Streamline refi

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Member

Fha Streamline refi

Looking for recommendations where to refinance my fha loan too a fha Streamline.
Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: Fha Streamline refi

How long have you had your current FHA loan?
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 7
Established Contributor

Re: Fha Streamline refi

It's not rocket science and it's a very simple transaction.  Timing is the key in order to reduce your cash out of pocket to close the loan.  

 

Most every lender offers a slightly higher rate to cover the bank fees and closing costs while you, the borrower bring $ to fund your current escrow account to the table. 

 

Accept a slightly higher rate and you might even profit from the deal by having enough lender credit to pay escrows and title fees. 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 3 of 7
Member

Re: Fha Streamline refi

Going to be 6 months on July
Message 4 of 7
Frequent Contributor

Re: Fha Streamline refi

You may be in the perfect position to take advantage of lower rates. Timing! it's all about timing. You can go back to the lender who funded your loan or your current loan servicer, or there are several really knowlegable and experienced Loan Officers on this forum.

 

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 5 of 7
Established Contributor

Re: Fha Streamline refi


@homeloanexpert wrote:

You may be in the perfect position to take advantage of lower rates. Timing! it's all about timing. You can go back to the lender who funded your loan or your current loan servicer, or there are several really knowlegable and experienced Loan Officers on this forum.

 


How does this work with going to current loan servicer? Will they agree to reduce the rates if i request for? 

5/17/2019 FICO TU-798|EX - 780|EQ -806
Total Credit - $300K+
Starting Score: 640
Current Score: 785
Goal Score: 810


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Gardening since Oct/2018
Message 6 of 7
Established Contributor

Re: Fha Streamline refi


@GetMeSlick wrote:

@homeloanexpert wrote:

You may be in the perfect position to take advantage of lower rates. Timing! it's all about timing. You can go back to the lender who funded your loan or your current loan servicer, or there are several really knowlegable and experienced Loan Officers on this forum.

 


How does this work with going to current loan servicer? Will they agree to reduce the rates if i request for? 


If you apply for the FHA Streamline refi with your current servicer, yes, they'll quote you the new rate. 

 

HOwever, I always encourage borrowers to shop around becuase your current servicer has very little incentive to Payoff and close your current loan in order to originate a new loan that generates less interest profit over the lifespan   Some old schooler's would say this is "keeping them honest."

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 7 of 7